Sale of five offices with strata-titled titles at $7.8 millions
The Bencoolen is selling five amalgamated office units with strata title for $7,8 million in the next Knight Frank Auction on November 16th. A property owner is selling the 99-year leasehold, with only 71 more years to go.
The project includes 182 residential units, 95 commercial spaces and 70 offices. Swimming and wading swimming pools are among the amenities.
Also included is a clubhouse with a multi-purpose room, tennis courts, a sauna, and gym.
There are ample spaces for parking in the basement as well as on floors two and three. The central city location allows the users to easily access major transportation hubs. Rochor MRT Station is only 500m away.
They are used to house a single business until next April. The unit is 4,198 sq.ft. Knight Frank auctioned the property earlier this week. This will be the second sale of the building.
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The land is zoned commercial/residential, and has a plot ratio of gross area of 4. These five offices include a conference room, office space for general use, a meeting room, office partitions, a pantry, a store, and more. On the same level and facing the building lift lobby, they are all on one floor.
The Bencoolen mixed-use project is located at 180B Bencoolen in the District 7 district. The units of office are part. The complex consists of a 19 storey residential building, a 12 storey office tower and three-storey podium with shopping shops, as well as a basement.
Sharon Lee at Knight Frank says getting an entire flooring plate in this region is very rare. She says: “The elevator is in front of this unit and there are restrooms located outside.
This means that the entire floor plate area does not include the restrooms.” The unit is still in good conditions.”
The Bencoolen sold only one retail area this year. An apartment of 258 sq. ft. was sold at a price of approximately $1.57 million (6,070 pesf). This occurred on 14 April. Seller bought property in 2000 for $555.582 ($2,151/sqft), resulting in a gain of approximately $1.01million.
Caveats from the last twelve months indicate that units in The Bencoolen sold for around $1,608/sqft. Rental data collected in the last year indicates that the units have typically been rented between $3.40 to $6.50 per square foot (pm), or on average $5.10/sf/pm.
It means landlords enjoy an average rental yield of about 3.8%. It’s higher than nearby office blocks like Bugis Cube Buildings, with a yield of 2,9% and 3,7%, respectively.